Conditional Tender Offer

RNS Number : 7267A

JPMorgan Asian Investment Tst PLC

03 April 2012

 



3rd April 2012

JPMORGAN ASIAN INVESTMENT TRUST PLC (the "Company")

Conditional Tender Offer and Ongoing Discount Management

The Company obtained shareholder approval at its Annual General Meeting held on 1st February 2012, to implement, at the Board's discretion, two conditional tender offers for up to 5% of the Company's Ordinary shares. Such Tender Offers are to be considered by the Board if the Company's Ordinary shares traded at an average discount of more than 9% relative to their diluted cum-income net asset value (the 'discount') over the period between 1st October 2011 and 31st March 2012 and the period between 1st April 2012 and 30th September 2012.

The Company announces that in respect of the measurement period for the six months to 31st March 2012, the Company's Ordinary Share average daily discount was 8.97 per cent. Accordingly the Company will not be implementing a Tender Offer in respect of this period.  

The Board closely monitors the level of discount at which the Company's Ordinary shares trade relative to their net asset value and continues to use the Company's buyback powers so as to stabilise the discount in normal market conditions to between 8 and 10 per cent. Since the Company's year end on 30th September 2011, a total of 9,114,721 shares have been bought back to the date of this announcement (this figure does not include the 8,417,149 shares bought back in respect of a 5% Tender Offer conducted in February 2012).

Enquiries:

JP Morgan Asset Management (UK) Limited, Company Secretary

Alison Vincent                  020 7742 6216

Cenkos Securities plc, Corporate Broker

Will Rogers                         020 7397 1920

 

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